21 Jul 2021

North-east property market 'finds its feet' again

North-east property market 'finds its feet' again

The Aberdeen and Aberdeenshire property market has "found its feet" again, according to new research.

Several years after tumbling oil prices sent shockwaves through the north-east economy, a lively second quarter (April/May/June) helped property prices jump by 1.4%.

The rise, which followed a 5.4% price change in the first quarter, means that the average price of a home in the region is now just -2.7% lower than it was five years ago.

'Good news'

The figures, released by the Centre for Real Estate Research at the University of Aberdeen Business School on behalf of the ASPC, have been welcomed by local property experts.

John MacRae, chairman of the ASPC, said: "These are not inflammatory increases; they are, rather, a reassuring indication (taken with other indicators) that our local market may be recovering from the sharp decline after 2014/15.

"The other indicators include a rise in the number of transactions taking place. In the second quarter 1,724 sales were completed – up 34.5% on the first quarter. Bear in mind we would expect some increase due to seasonal factors, but I am confident there is more than just seasonal factors at work.

"The increase in numbers is reflected reasonably consistently across the 3 main dwelling types. Compared to prices five years ago, our market remains down by 2.7%, but that figure is a reduction on the first quarter figure of – 3.4%.

"Overall, I think these figures show a market where well presented properties with up to date Home Report valuations will sell reasonably well. I am hopeful that, barring unforeseen events, our local market is beginning to find its feet.”

Good conditions for sellers

Alan Cumming, national estate agency director at Aberdein Considine, said it is “no surprise” to see prices on the up.

"From the second half of 2020, family homes in particular have been selling very well and the market is hungry for new properties, making this a great time to consider selling your home," he said.

"In several pockets of the north-east, areas like Inverurie in particular, there is not enough stock coming to the market to meet the demand and there is a window of opportunity for homeowners."

If you are thinking of selling your home and would like a to arrange a free valuation, you can book an appointment online by clicking here.

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